Impact of COVID-19 pandemic on firm's biz may not be material on yearly basis: Colgate-Palmolive

Colgate-Palmolive (India) Ltd on Tuesday said it believes that the impact of the COVID-19 pandemic on the company's business operations on an annual basis may not be material as it is into the business of essential products.

In a regulatory filing, the company said it does not foresee any specific challenge in terms of its capital, financial resources or profitability due to the health crisis.

It further said all of its manufacturing plants have resumed operations as per respective applicable local regulations although few plants are facing challenges of inter-districts and interstate movement of workforce and unavailability of labour for loading and unloading.

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"The company has considered the possible effects that may result from the pandemic relating to COVID-19 on its business operations," the filing said.

It added that "being into the business of essential products, (it) currently believes that the impact of COVID-19 on the company's business operations on an annual basis may not be material."

Stating that it continues to evaluate the impact of COVID-19 as the situation evolves, Colgate-Palmolive said, "Due to evolving COVID-19, it is difficult to quantify the impact of COVID-19 on business operations. However, the company is well prepared to cater to the needs of the consumers and is ready to face the future challenges."